McGraw-Hill reported its 2018 Q4 and full-year earnings and annual report today, with overall 2018 revenue of $1.6 billion. This is the fifth straight year of sales decline for the company, down from $1.83 billion in 2014. For the quarter, performance was “generally in-line with expectations,” with total billings down to $302 million from $340 million (11 percent decline) and adjusted EBITDA to $(25) million from $(5) million. The year as a whole was weighed down by “substantial headwinds” in the K-12 adoption market, which significantly impacted EBITDA — as well as by investment in new Higher Ed “affordability initiatives” […]
Archives for March 2019
People, Etc.
Veronica Jordan has been promoted to executive vice president, general counsel of Simon & Schuster, reporting to president and ceo Carolyn Reidy. She succeeds Hazel-Ann Mayers, who moved over in February to evp, chief business ethics & compliance officer at CBS Corporation. Jennifer Weidman has been promoted to senior vice president, deputy general counsel. Reidy said, “It speaks volumes about Simon & Schuster and the overall strength of our legal department that in Veronica Jordan and Jennifer Weidman we have two such experienced, versatile and well-qualified attorneys in-house and at the ready to take on new and greater responsibilities in […]
Briefs
The U.S. Copyright Office named Karyn Temple register of copyrights. Temple has been the acting registrar since 2016. Lilla Weinberger, 78, co-owner of Readers’ Books in Sonoma, CA died on March 24. She founded the store with her husband Andy Weinberger in 1991. HarperCollins Italia launched its first children’s list, beginning with 25 titles in 2019. It plans to expand the list to 100 titles a year over the next few years. Sabrina Annoni, editorial director of HarperCollins Italia said, “HarperCollins has a strong history in Children’s publishing and remains one of its global leaders—we are excited to continue this […]
Latimer and Urbahn’s Javelin Offers Trump World Figures an Exit
As government officials look to leave the “controversial precincts of Trump World” their job options are slimmer than usual. Many find their way to literary agents Matt Latimer and Keith Urbahn at Javelin who “have turned this professional abyss into their market niche,” the NYT Magazine writes. The right book deal provides money as well as “an opportunity to reposition and redeem themselves.” Latimer tells the NYT, “A lot of them are trying to figure out: How do I make something out of this for my own well-being? But also: How do I distance myself from this guy?” He claims, […]
People, Etc.
Karen Murgolo has joined Aevitas Creative Management as an agent. Previously she was editorial director at Grand Central Life & Style. At Sourebooks, Heather Hall has been promoted to associate managing editor and Cassie Gutman to senior production editor. Twenty-First Century Books editorial director Domenica DiPiazza is retiring on March 29. She has been with the company for more than 27 years. Also at Twenty-First Century Books, Shaina Olmanson is being promoted to associate editorial director starting April 1. Copyright Law With a vote of 348 to 274, the European Parliament has passed the Copyright in the Digital Single Market Directive, […]
Bookselling: Daunt Responds to Waterstones Petition, and More
Waterstones managing director James Daunt responded further — and more skeptically — to the petition signed by more than 4,000 employees asking the company to increase pay for booksellers. Daunt said, “There’s a long gap between wanting to do something and it being remotely sensible,” adding, “If you raise the bottom level really significantly, then everybody all the way up the company has to go up, and then we go bust, which isn’t very helpful.” A group of 1,300 writers have also backed the campaign, but Daunt says they’re “[preaching] to the converted” and the company is “simply not profitable […]